Carl Glendon

Top Things To Include In A Separation Agreement

A separation agreement is a document that is legally binding and is signed between spouses. It is a type of agreement that is used by parties in a marital relationship, for the formal division of their debts, assets and other marital responsibilities - so as to ensure a fair separation for each party from another.

This kind of a contract is used often when a couple understands that they are on the way to a divorce. But it is also used by those couples who just like to stay separate for some time period, with the hope of reconciliation. Find out about some of the important things that must be included in a separation agreement in Virginia.

Spousal support

In case one spouse has made contributions or sacrifices to the family - that has come in the way of him or her to earn as much as the other, spousal support may be agreed on. It is also referred to as alimony.

The alimony is generally something which is agreed on when the couple is accustomed to a specific lifestyle. There are some chances that in case the separation agreement consists of information about the length and amount of spousal support payments, the divorce judgment will include the same.

Child support

It includes information about child or children of the separating spouses, and must include an amount that will be paid to support the lifestyle of the child, how long the payments will be made, specific dates of payment as well as information about the health insurance of the child in question. Even when there are details about child support in a separation agreement and it is used at the time of divorce, a court can judge on its own for the best interests of the child.

It is possible to get separation agreement template online that can be downloaded and customized for individual use, in order to make it legally valid.

Assets

These can include personal property, such as pieces of real estate or various other items that are co-owned by the spouses.

Crucial information about all the assets co-owned by the spouses must be mentioned in the agreement, so as to make it full proof and ensure that no party feels cheated.

Author Bio

Carl writes often about legal drafting of rental & commercial lease agreements, loan agreement and bill of sale to help the people in needs.